T.V. Today Netw. Q1 FY27 Results (NSE: TVTODAY)
Signal: Margin expansion
The read
Operating margin inflected upward after several quarters of contraction, driven by cost controls; PAT growth robust at 39.6% but 46.9% of PBT comes from other income, underscoring core business improvement is real but still modest in absolute terms.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹206.22 Cr | 4.6% | -3.4% |
| EBIT | ₹14.22 Cr | 35.6% | |
| Net profit | ₹10.26 Cr | 39.6% | |
| EPS | ₹1.72 | 39.8% | |
| EBIT margin | 10.8% |
P&L walk
Revenue growth modest, but operating margin expanded sharply to 10.8% (+180bps YoY) as employee and other expenses were contained; PAT growth 39.6% aided by lower tax, though other income declined.
Segments
Core TV segment PBIT surged to ₹12.88 Cr from ₹2.91 Cr YoY (+342%), driving the consolidated profit recovery; discontinued radio also contributed a modest profit of ₹0.21 Cr.
Key positives
- EBITDA margin expanded 180bps YoY to 10.8%, first significant expansion in several quarters.
- Television segment PBIT surged to ₹12.88 Cr from ₹2.91 Cr YoY, indicating strong operational turnaround.
- Employee cost as % of revenue improved to 43.1% from 44.6% YoY.
- EPS grew ~40% with no dilution, equity base stable.
Key concerns
- Other income constitutes 46.9% of PBT; core operating profit (EBIT) still relatively low.
- Revenue growth only 4.6% YoY; QoQ decline of 3.4% signals demand may be uneven.
- Production cost as % of revenue increased to 12.3% from 11.5% YoY, putting slight pressure on gross margin.
Earnings quality: includes non-operating other income
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